Gold advances most in two weeks as investors await the release of the monthly U.S. jobs report on Friday for clues on the health of the economy and stocks in Asia slide amid signs that China is trying to slow down the country’s equity rally.
That comes in a week when China reduced its goal for economic expansion, the European Central Bank delivered fresh stimulus and cut its growth forecast for its region, the Bank of Canada dialed back its expectations for policy tightening and the Organisation for Economic Co-operation and Development lowered its global outlook.
The U.S. jobs report Friday may show hiring moderated in February, adding to data points as Federal Reserve policy makers weigh up the outlook for rates in 2019. Nonfarm payrolls may have increased by 180,000 while the jobless rate fell to 3.9 percent, according to estimates.
Spot gold as much as +0.6% to $1,293.52/oz, before trading at $1292.11 at 7:10am in London.
Source : Bloomberg